fha streamline refinance. The goal of the streamline program is to lower your total monthly mortgage payment including interest rate and monthly mortgage insurance. (Please note – the total finance charges may be higher over the life of your loan). The idea is to accomplish this with less documentation than required when you originally qualified for the FHA loan.
Following its announcement, the government introduced a new refinance structure that allows borrowers to streamline refinance an existing FHA loan at a dramatically lower cost. The Up-frontis slashed to the lowest amount allowed by FHA, which is .01 percent.
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The only cost you can add to your new loan is the up-front mortgage insurance premium. If you’re refinancing an FHA loan that you’ve had for less than 36 months, the FHA applies part of your original.
Unlike most refinancing programs, the FHA streamline refinance program does not require W-2s, pay stubs, or other financial documentation. Since those with an FHA loan have already been determined to be a good risk, further proof is not necessary. Plus, refunds on mortgage insurance premiums (MIP) are possible with an FHA streamline loan.
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If your mortgage loan is insured by the Federal Housing Administration, you may be able to avoid some of the hassle by applying for an FHA Streamline Refinance. You have to meet certain requirements to qualify and it helps to understand what to expect before you get started.
If your FHA mortgage is current and at least six months old, you can afford closing costs and refinancing would reduce your term or rate, Streamline is for you. Hal M. Bundrick, CFP Jan. 27, 2017
Homeowners with an FHA home loan are able to lower their monthly mortgage payments with an FHA streamline refinance. The great news is that no appraisal is required. No income documents are needs and credit score requirements are low. One of the biggest draw backs of an FHA streamline refinancing are the closing costs.
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The most important thing to understand about the streamline mortgage is that it’s not an option for a new loan, but rather for refinancing a home loan you already have. Streamline programs are.